ALBANY, New York, June 07, 2016: A new report, titled ‘Financial Assessment and Credit Risk Analysis of Tire Manufacturing Industry in China 2016,’ featured on ResearchMoz.us states that the tire manufacturing industry in China is set for steady expansion owing to the rising automobile ownership in the nation and the new product developments by leading companies.

China is the leading manufacturer of tires in the entire world, followed by Japan and the United States. With tire output in China expected to be the highest so far, by 2016, the China tire manufacturing industry is set for rapid expansion. The China tire manufacturing industry is expected to create growth opportunities for the new entrants as well as for leading companies owing to its sheer size.

Over the past few years, China has experienced developments in tire manufacturing technology. Moreover, the constant development and growth of the automotive industry in China has led to the increasing demand for various types of tires.

The rising automobile ownership in China has led to the increasing demand for tires for new vehicles. Over the past few years, the demand for replacement tires has also been high for the existing vehicles or second-hand vehicles. The construction of better roads has led to the growth in road transportation. This has further augmented the demand for tires in the China tire market.

Since the recent past, the production of pneumatic tires has been the maximum in China. Pneumatic tires are of two types, bias tires and radial tires. As compared to bias tires, the demand for radial tires is expected to be higher in the years to come. Features such as fuel-efficiency, resistance to wear, and larger carrying capacity make radial tires more popular than bias tires.

Semi-pneumatic tires and solid tires are primarily used in engineering vehicles. Considering the growing demand for various kinds of tires, leading manufacturers have started focusing on increasing their tire productivity. The number of tires being exported from China is on the rise, thus creating growth opportunities for the China tire manufacturing industry.

Going forward, the China tire manufacturing industry is anticipated to grow at a rapid pace despite a competitive atmosphere. Although there are a few unfavorable macroeconomic conditions in the nation, the forecast of the China tire manufacturing industry is bright in the coming few years. This is because tire manufacturers in China are constantly adding quality and durability to their products.